Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Insights - The company achieved a revenue of 250 million yuan in H1 2025, representing a year-on-year growth of 40.25%, with a net profit attributable to the parent company of 29.27 million yuan, up 20.02% [5] - The automotive electronics and industrial control sectors are driving structural growth, with significant increases in orders and production capacity [5][6] - The PCB industry is experiencing high growth, with China's PCB output expected to reach 41.213 billion USD in 2024, a 9% increase year-on-year [7] Financial Performance - In Q2 2025, the company reported a revenue of 153 million yuan, with a net profit of 17.20 million yuan, reflecting a quarter-on-quarter growth of 57.69% and 42.54% respectively [5] - The company's gross margin is projected to be 20.0% in 2025, with net profit margins around 12.7% [12] - The company's earnings per share (EPS) is expected to grow from 0.54 yuan in 2023 to 1.18 yuan by 2027 [11] Revenue Breakdown - The automotive electronics segment generated revenue of 91.58 million yuan, a 195% increase year-on-year, while the industrial control segment reached 63.91 million yuan, up 112% [6] - The revenue composition shifted significantly, with automotive electronics, consumer electronics, and industrial control accounting for 36.63%, 33.29%, and 25.56% of total revenue respectively [6] Capacity Expansion - The company is nearing completion of its high-end electronic manufacturing expansion project, with 97.18% of the investment completed, and a new production line expected to be operational by June 30, 2026 [5] - The new factory is anticipated to be put into use ahead of schedule to meet the growing demand for production capacity [5]
雅葆轩（870357）：北交所信息更新：汽车电子+工控双轮驱动高增长2025H1营收+40.3%，产能提前释放开启新篇章